Middlefield Banc appoints Ronald Zimmerly as CEO; James Heslop to retire Jan 1

MIDDLEFIELD BANC CORP

Ronald L. Zimmerly, Jr. appointed CEO of Middlefield Banc Corp. and its bank subsidiary, effective Jan 1, 2024; he also continues as President.
James R. Heslop, II retires as CEO and leaves board on Dec 31, 2023; receives 10,957 accelerated restricted shares, $199,100 lump sum, and $56,250 deferred comp credit.
Board reduces size from 13 to 12 upon Heslop's resignation.
Zimmerly's change-in-control severance multiplier increases from 2x to 2.5x due to his new role.

item 5.02 item 7.01 item 9.01

Executive movements

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Role change

Ronald L. Zimmerly, Jr.

Chief Executive Officer

MIDDLEFIELD BANC CORP

Effective: 2024-01-01
Filed: November 14, 2023, 6:59 PM ET

On November 14, 2023, Middlefield Banc Corp. (the “Company”) announced that the Board of Directors of the Company will appoint Ronald L. Zimmerly, Jr. to serve as Chief Executive Officer of the Company and of The Middlefield Banking Company (the “Bank”), the wholly owned bank subsidiary of the Company, effective January 1, 2024.

Departed

James R. Heslop, II

Chief Executive Officer

MIDDLEFIELD BANC CORP

Effective: 2024-01-01
Successor: Ronald L. Zimmerly, Jr.
Filed: November 14, 2023, 6:59 PM ET

On November 13, 2023, James R. Heslop, II, Chief Executive Officer and director of the Company and the Bank, notified the Company’s Board that he will resign as Chief Executive Officer of the Company and the Bank effective January 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ronald L. Zimmerly, Jr. was appointed as Chief Executive Officer at MIDDLEFIELD BANC CORP.

Action: appoint
Role: Chief Executive Officer

Exact text from the filing

On November 14, 2023, Middlefield Banc Corp. (the “Company”) announced that the Board of Directors of the Company will appoint Ronald L. Zimmerly, Jr. to serve as Chief Executive Officer of the Company and of The Middlefield Banking Company (the “Bank”), the wholly owned bank subsidiary of the Company, effective January 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James R. Heslop, II departed as Chief Executive Officer at MIDDLEFIELD BANC CORP.

Action: resign
Role: Chief Executive Officer

Exact text from the filing

On November 13, 2023, James R. Heslop, II, Chief Executive Officer and director of the Company and the Bank, notified the Company’s Board that he will resign as Chief Executive Officer of the Company and the Bank effective January 1, 2024.

View on SEC.gov

Source: SEC EDGAR

accession 0001193125-23-276674

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